Talisman “A Private Mountain Ranch & Golf Community”

DEVELOPMENT DESCRIPTION

Talisman is a 1,822 acre master planned, private resort community of gently rolling hills of aspen, oak and pine nestled in theWasatch Mountains of Utah. This upscale development includes a championship golf course designed by world class golf coursearchitect Robert Trent Jones, Jr., who has built numerous courses ranked among the Top 100 Golf Courses in the world. The coursewill be anchored by an architecturally designed, mountain style rock and timber clubhouse featuring restaurants, spa, pro shop,exercise facility, pool, grill room and many other first-class amenities.

In addition to the championship golf course and clubhouse, other amenities will include a children's center, a tennis facility, anequestrian center, and an outdoor activity lodge (where outfitters will organize guided fly fishing, hiking, riding, cross-countryskiing, and mountain biking adventures.) Other family oriented facilities, designed to allow members access to the naturalwonders of the property and its inter-connected trail network, will be located throughout the development.

The Robert Trent Jones, Jr. course, along with many of the above amenities and facilities will be located within a secludedarea at the uppermost portion of the property, known locally as “the bowl”, with a 360-degree view of the surroundingWasatch and Uinta Mountains. This pristine area will also be home to the development's primary one acre residential buildinglots, many of which will border the championship golf course. An area of slightly smaller home sites, accommodating 3,000 to4,000 square foot homes, with several floor plan choices, known as “the cabins”, will be located at the lower portion of theproperty adjacent to the golf course.

LOCATIONTalisman is situated on the south side of the Jordanelle Reservoir near the ski resort community of Park City, in the foothillsof the Wasatch Mountains in Wasatch County, Utah. The property rises above the Provo River, and looks back on themagnificent Wasatch Range, which is punctuated by the slopes of Deer Valley Ski Resort and the looming presence of Mt.Timpanogas, the distinctive peak that towers over Robert Redford's Sundance Resort. Although only 45 minutes from SaltLake City International Airport, Talisman lies in an undisturbed area that is bordered by thousands of acres ofnative vegetation that provides its residents with unlimited opportunity for year-round outdoor activities.

Talisman is twenty minutes from the historic western mining town ofPark City, the 2002 Olympic alpine, bobsled and ski jumping venue, andhome to Park City Mountain Resort, Deer Valley and the Canyons, aswell as numerous fine restaurants, upscale shopping, and an excitingnightlife that contributes to Park City's charm.

The Jordanelle Reservoir provides unlimited access to boating, waterskiing, sailing, fishing, and jet skiing while the nearby Provo River isknown as a world-class fly fishing sanctuary. The mountains abovePark City afford some of the country's best mountain biking, whilethe rolling country roads bordering Talisman are home to national roadbiking events. Nearby Soldier Hollow, the Olympic cross countryski and biathlon venue, is the nation's premier public-accesscross country ski facility and is home to two championship golfcourses.

Talisman “A Private Mountain Ranch & Golf Community”

DEMOGRAPHICSSeveral enormously successful private golf and ranch developments (Glenwild, Wolf Creek, Promontory, Tuhaye, and DeerCrest) are located in Wasatch and neighboring Summit County. These developments have focused national attention on theyear-round vibrancy of the area that makes it one of the strongest, high-end, second home markets in the country. VictoryRanch, a 5,000 acre private golf, equestrian and fishing club to the East of Talisman (scheduled to debut in 2008) offers lotsprojected to range from $600,000 to $1.5 million, will significantly contribute to the area's already growing reputation as oneof the nation's premier destination resort markets.

In 2005, the Heber Valley was ranked as the second-fastest growing urban area in the nation with a population of less than50,000. Half of the growth has been attributed to the recreational and second home markets, a testimony to the area's naturalbeauty and access to world-class, year-round outdoor activities.

FEASIBILITYWhile the area of rolling hills to the South of the JordanelleReservoir has long been considered the most environmentallyattractive area for resort development, there was no access tosewer and water. Talisman, however, falls within the covetedJordanelle Special Service District (JSSD) of Wasatch Countyand, following years of planning by Wasatch County and theJSSD, the JSSD approved the issuance of a $44.21 millionbond for major water and sewer infrastructure to fully supportdevelopment to the South of Highway 32, which fronts theproperty. Formal approval for the bond was granted by thevoters in November and infrastructure construction that will bringsewer and water to the door of the project is already underway.

PRE-SALESTalisman has been allocated a minimum of 1,384 Equivalent Residential Units (ERU's) an average of nearly one per acre.Phase One, consisting of 71, one-acre residential building lots bordering the golf course, experienced a single weekend salesevent that was attended by over 150 qualified buyers in the fall of 2006. Lot prices averaged $580,000 and sales begin closingwhen the plats were recorded in the spring of 2007. Phases Two and Three along with residential home sites also borderingthe golf course, are available for pre-sale.

APPROVALS AND PERMITSA preliminary plat for Phase One was approved by Wasatch County in August of 2006, with final plat approval granted inJune of 2007. A special use permit for golf course grading was granted in August 2006 that allowed of the golf course andmajor infrastructure construction to begin in September. The renewal of the construction bond was approved during the first weekof February 2007. It is anticipated that building permits for vertical construction will be granted by the county in earlysummer of 2008.

Talisman “A Private Mountain Ranch & Golf Community”

CONSTRUCTION STATUS

Grading of the golf course has begun under the watchful eye of the RobertTrent Jones, Jr. architectural team in the summer of 2007 and is expected tobe completed, with the course then ready for sod and tree planting, bythe end of the following summer. Construction of the internal arterial roadnetwork and underground utility infrastructure was begun by Salt Lake Citybased Ames Construction in the summer of 2007 and will continuethrough the following summer.

Talisman “A Private Mountain Ranch & Golf Community”

TALISMAN AMENITIES

Golf Clubhouse – Projected opening of the golf course is 2009 and construction of the clubhouse will beginshortly thereafter. The golf clubhouse will feature men’s and lady’s locker rooms, golf shop (app 2000 sq ft),and a golfers bar & grille with inside and outside seating. The men’s locker room will have a card room and asmall, elegant bar. The ladies locker room will feature card tables and hospitality room. The shoe care roomwill be designed to service both rooms. The grille room will seat 40 – 60 (inside and outside seating). This willfunction as the Members dining option for the first two years.

Kid’s Club – Projected opening summer 2010 for children ages 4 – 12. This environment will function as aplace to amuse your children while you are playing golf, getting a massage, going skiing or just having a casuallunch. Kids will be entertained by computer games, videos, playground, and Talisman’s ski/sled slopes.

Talisman Spa and Fitness Center – Projected opening Summer/Fall 2010, the luxurious spa and fitness complexwill be all about relaxation. There will also be a pool with this facility. Additional indoor/outdoor whirlpool spaswill also be included. A snack bar for sandwiches, burgers, etc should round out this facility. Tennis is a possibleextension to this facility.

Outfitters Cabin – This operation will offer access to our cross country skiing, snow shoeing,snowmobiling/ATV trails, hiking, and mountain biking. We will also arrange fishing, rafting, mountain hiking,and other off property activities. A Hospitality Kitchen will be included for serving beverages and lightrefreshments.

Talisman Alpine Lodge – Projected opening in winter 2009/2010, this “Ski In / Ski Out” will be located indowntown Park City, Utah on Main Street across from Park City Ski Resort’s Towne Lift. It will be a place towarm up between ski runs or a place to relax on your shopping trip along Main Street.

Ski/Sled Slopes - These amenities are projected to open winter of 2010/2011. There will be a small ski liftwith adjacent slopes for tubing. This area will be a great spot to bring the kids/grandkids for a couple ofhours of skiing. They can be turned over to the staff at Talisman Ski School or accompanied byparents/grandparents. The option of leaving them with the ski school and then taken to the kid’s cabin whileparents are at Deer Valley skiing also exists.

Trail System – Projected opening in summer 2009, Talisman will offer great avenues for a trail system withaccess to adjacent properties. We will have ATV trails for the summer and snowmobile trails in the winter.We will also provide snowshoeing, cross country skiing, mountain biking, hiking, & horseback riding.

Talisman Wrangler facility – This will entail a couple of acres utilized for corrals. We will contract with a localwrangler operation to provide horseback rides in the spring, summer and fall and horse drawn sleigh rides inthe winter. Expected special event weekends in 2009 with more permanent location beginning in 2010.

Fishing Pond – Projected opening summer/fall 2009, we will allow for pond fishing on the property with asmall boat dock. We will stock trout and provide a great place for fly fishing lessons and fishing with thegrandchildren.